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Engineering firm Renishaw is buying the alternator factory shut down by Bosch in Miskin, South Wales.
Bosch announced that it was closing the factory in January 2010 with alternator production moving to Hungary.
The development was a severe blow to workers and the local economy, with hundreds of job losses.
But an announcement made last month could see Miskin’s fortunes change. Renishaw has exchanged contracts to buy the plant in a deal set to be completed in late September.
The plant is one hour down the road from Renishaw’s headquarters in Gloucestershire.
“The chance to buy the facility was an opportunity that does not come up every day. The area has a rich manufacturing and engineering heritage,” said Chris Pockett, group marketing services manager at Renishaw.
As well as purchasing the Bosch factory, Renishaw is in talks with local planners to expand at sites in Gloucestershire.
The company endured a tough time in the recession with short-time working and job losses, but has struggled to keep up with demand as manufacturing industry has recovered.
Phased expansions at three of the company’s five Gloucestershire sites will provide at least an extra 225,000ft2 of space for manufacturing, and research and development. Strong growth over the past 18 months has driven the expansion.
“It’s too early to say how many new jobs this expansion will create,” said Pockett.
“But we are confident that there will be hundreds of new jobs over a number of years.”
In buying the Miskin site, Renishaw has not agreed to take on Bosch’s jobless workers. Any new positions at the plant will be advertised in South Wales and Gloucestershire. The company has not yet decided what will be produced at the factory so it is unclear whether the skills of the local workforce will be appropriate.
“The move shows Renishaw is committed to the long-term future of UK manufacturing,” said Pockett. The company currently has 200 job vacancies in Gloucestershire.